Starting today and for the rest of the week I am in Bruce Norris' 3 day REO Bootcamp! WOW! It has been amazing so far. Mainly because he only allows a maximum of 15 people in these bootcamps so it is very interactive and hands on. 
I am learning a lot and am having a lot of business Epiphanies! One thing that I remembered today was that I really love being a real estate investor. When I listen to Bruce talk about his deals and strategies I feel a sense of excitement to be an investor. Actually, I realize that I want to be more of an investor. That is; do more deals and stop "working" in a job. (Doesn't everybody!)
One of my epiphanies was about my strategies for real estate investing. I have never really thought about dealing with REO's. Mainly because I don't yet understand the whole process. That's why I wanted to take Bruce's bootcamp. It has been a huge eye opener! I am learning so much about this part of this business - just in 1 day! I am definately changing my strategy and am going to buy REO's! Forgetta 'bout the whole short sale business for me. I was never really into it anyways. But now I am really not! I will just pass those leads onto my fellow investors!
Another of my epiphanies today: I asked Bruce if I was wrong to feel anxious and nervous about the whole "buying 65-70%" of value. I've asked many gurus this question and i finally "got it" today. The 65%-70% of value is what I decide what I am willing to sell the house for. Not what the comps are showing. If all the comps in the neighborhood are at 500K, then I would want to sell my house for 480K. So then I would want to buy the house for 65% of that value. I finally got it! After all this time! Errrr duh!
Anyway - this is a terrific boot camp so far and tomorrow we will go out in the field! I am looking forward to that!
Stay tuned... for tomorrow...!
